Canadian Dollar Gains With Oil as Crude Spread at Five-Month Low

The Canadian dollar rose for a fifth day against its U.S. counterpart as oil, the country’s largest export, touched its highest point in a month, prompting investors to reverse near-record bets the currency will fall.

Canada’s dollar rose against the majority of its 16 most-traded peers as the discount Canadian oil producers face to the U.S. benchmark narrowed to the least in almost five months. The currency has gained since a report showed last week that bets by futures traders that the Canadian currency would fall versus the U.S. dollar outnumbered bets it would rise by the most in seven years. Inflation increased in February to 0.7 percent from 0.1 the prior month, according to a Bloomberg survey before tommorow’s report.